TLF Update: COVID-19 Economic Injury Disaster Loan and Shuttered Venue Operators Grant

NEWS | The Towne Law Firm, P.C. | February 2021

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ALBANY, N.Y. (February 19, 2021) – While the U.S. Small Business Administration (SBA) is frequently making changes and updating its funding and loan options for businesses across the United States, TLF’s team of business attorneys are quick to provide their expertise and guidance for clients and business owners in order to best navigate these ever-changing times. Be sure to check back here for the latest updates and changes.

The SBA: Economic Injury Disaster Loan (EIDL) and Identity Theft Letter

The SBA released a letter in response to an inquiry that identity theft occurred to obtain a COVID-19 Economic Injury Disaster Loan (EIDL), in which the inquirer never received any of the loan proceeds. The letter presents the steps in which one should take in order to properly handle this situation in accordance with the U.S. Small Business Administration. You can find additional information and a copy of the letter here.

The SBA’s Shuttered Venue Operators Grant (SVOG) Program FAQ

Earlier this month, the U.S. Small Business Administration published an FAQ regarding the Shuttered Venue Operators Grant (SVOG) program. The program is Section 324 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (Economic Aid Act) and is for eligible businesses such as, venue operators or promoters, motion picture theatre operators, talent representatives, museum operators, and more. For additional information and to access the FAQ document provided by the SBA, click here.

The SBA’s COVID Relief Program Report

Recently, the SBA published a report showcasing data relevant to COVID Relief programs, such as the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL). The data shows a breakdown by loan size by approved count and approved money, as well as forgiveness data across all loan sizes, and more. To view the full report provided by the SBA, click here.

*For more information about the loan program, visit Coronavirus Relief Options (sba.gov).

QUESTIONS? Check out TLF’s webinar on the second round of PPP below and on our Youtube Page.

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This alert is provided for information purposes only and does not constitute legal advice and is not intended to form an attorney client relationship.  Please contact The Towne Law Firm, P.C. for additional information.